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Daily Archives: April 15th, 2013

Asia was US Dollar gaining ground on most currencies: –

EURUSD: Open 1.31004, High 1.3106, Low 1.3063

AUDUSD: Open 1.0515, High 1.0527, Low 1.0415

GBPUSD: Open 1.5373, High 1.5380, Low 1.5307

USDJPY: Open 98.54, HIgh 98.54, Low 97.54

If one had traded the crosses, that is, AUDJPY, EURJPY, you would have doubled the impact of the move in the underlying currencies.

5pm Singapore time; Eurozone trade balance

8:30pm Singapore time; Empire State Manufacturing

10pm Singapore time; NAHB Housing Index

This morning we saw a beautiful set up on the technicals to short EURJPY and we did at 129.

We squared the position at 127.90 for a 1.1bps or 0.86% trading profit.  The current spot has recovered slightly to 128.22.

We were swindled by the market last Thursday and Friday.

Data out from Australia was weak; employment weaker, unemployment higher.

PM Gillard commented that there was room for RBA to lower rates.

All these is suppose to put pressure on the AUD, but it didn’t, instead it powered all the way up to 1.0582.  We believe it’s because the direct AUDCNY started on Thursday and we were just fighting the flows.

We were convinced that AUD overshot last week on Thursday and Friday, despite the bad economic data.

This morning we short the AUD JPY at 103.50 based on technicals and then when the GDP and industrial production for China came in dismal at 10am Singapore time, the AUDJPY collapsed, we squared off our position at 102.00, the low was 101.65.  We made a trading profit of 1.50bps or 1.47%.

We are vindicated from losing monies in the AUDUSD put option last week!